Justin Silverman, Senior VP of Product Management and Product Strategy at Mitratech, writes about how AI and automation complement each other to benefit business processes.
While the idea of artificial intelligence (AI) may stoke fear and uncertainty for many of us, in today’s corporate world, AIs are already all around us, helping companies reduce the time spent on repetitive tasks, increase efficiency and improve productivity improve human experience. In fact, 90% of leading companies are continuously investing in AI. And there are important reasons for this adoption – AI can bring huge improvements in efficiency and quality for a company and its customers!
We’ve already discussed that automation software and artificial intelligence complement each other well and can be used together to achieve rapid time-to-value and ROI. Now let’s look at some specific ways that AI and automation fit together to accelerate business processes. We will use document verification, especially contracts, to bring these benefits to life.
Companies can automate the document creation process and close contracts much faster by relying on a combination of AI and automation. For example, in the back and forth of onboarding paperwork, contract negotiations and supplier partnerships, automation can drive the paper path based on a human-structured workflow: the right people are automatically brought in and have a full view of the stages of the agreement.
However, by “learning” which sections of a document are more likely to cause delays or difficulties, AI can enter the equation predictions even without a human gatekeeper. In other words, it can analyze patterns in the document and identify specific clauses that close a deal much faster — with fewer headaches — and act on that information to streamline the process. With AI and automation, the interaction between your team and a third party becomes easier, faster, and more efficient for everyone involved.
AI is useful not only for moving documents quickly through a system, but also for flagging when a document isn’t quite right or could be improved. For example, AI is great at spotting anomalies in documents that people might otherwise miss because of “unusual language or improper omissions or additions.”
When AI reveals unusual omissions in documents, escalation may be required: the “path” the document takes to get to a signature can become more complicated. Through the combined use of automation and AI-driven intelligence, organizations can build in variable paths to handle unexpected changes and redirect a document without the need for human intervention. This not only saves your team time, but also ensures the integrity of the document by respecting all required clauses.
Drafting legal contracts can be a tedious and time-consuming task. When a new contract needs to be created, attorneys at a corporation or law firm often look up previous contracts they have worked on to serve as a starting point for the new contract. Unfortunately, lawyers often choose a poor starting point when much better options are available. Document templates can be created through automation, which can serve as the basis for new contracts. Contract requesters answer a series of questions, which are then used to select the ideal combination of contract clauses.
With AI, this design and review process can be improved even further. At first draft, AI can be used to refine these contract templates. Keeping track of what changes the attorneys are making or what requests the other party is negotiating can help optimize these template options. In addition, new AI-driven service providers train their systems not only to draft contracts, but also to automatically react to counterparty contracts. Providers such as LawGeex and Lexcheck offer AI-driven contract redlining.
After you’ve automated various processes for your team or organization, you should be able to access all the data related to those processes. How long does it take to complete each task and where are the delays? Is your average cost higher than expected? While manual data collection can be time-consuming and prone to information gaps, AI and automation lay the foundation for incredibly specific data analysis. For example, when contract approvals are pulled into automated workstreams, each approval becomes a data point that you can use to make better business decisions.
While reporting tools don’t always leverage AI, it’s becoming more common. The reason? AI can easily sort through huge data sets and answer questions that simple drag-and-drop graphics don’t always provide. AI makes it possible to look for patterns before you know which patterns emerge: by merging and analyzing these large data sets. Additionally, AI enables organizations to move from looking at historical data to more predictive insights — AI tools can make predictions about what the data is likely to show in the future, enabling even more informed human decision-making.
Once you’ve used automation and AI to speed up processes and sift through business analytics, the information gathered will provide you with massive amounts of reliable, actionable data that will enable you to constantly improve:
- What elements of the software work for your team?
- Where can processes be streamlined further?
- Is there a way to achieve wider implementation?
Artificial intelligence and workflow automation are highly configurable tools that can often be implemented without any code at all; Your Citizen Engineers, who are closest to the pain points, can build on the technical solutions to improve organizational adoption and find creative new ways to solve your organization’s most complex business problems.
While automation and artificial intelligence are powerful standalone tools, their integration can streamline business processes, maximize performance, and give organizations a competitive edge. In this article, we used examples from contract creation, review, and analysis. However, these principles can be applied to numerous business use cases. And while the future of the technology is still largely unexplored, we can expect these tools to be mixed and applied in more tangible ways in 2022 and beyond.
https://techround.co.uk/news/mitratech-justin-silverman-automation-ai-working-together/?utm_source=rss&utm_medium=rss&utm_campaign=mitratech-justin-silverman-automation-ai-working-together 5 things to know about how automation and AI fit together